“The U.K. economy has hit the sweet spot,” Peter Spencer, a chief economic adviser at the organization said in a press release on Monday. Business investment has bolstered an economy that has been previously reliant on consumer spending, he said, adding that a strong labor market has also “underpinned” the return to growth.
“What a difference a year makes. Last summer, any growth looked better than no growth and the outlook remained uncertain. But, confidence has now returned and economic uncertainty has dropped well down the worry list,” Spencer added.
“‘Sterlingization’ would have very serious consequences for Scotland’s sophisticated financial services industry…(the Scottish Government) must move quickly to provide information as to how it intends to protect the thousands of jobs dependent upon this vital part of the Scottish economy.”